Prep Now, Save Later: What to Do In September for the Holidays

“Prep Now, Save Later” is a new monthly series that tells you the best tips and tactics for what you can do now to help you prepare for the holiday season.

Procrastination not only leads to a very stressful holiday season, it can also make for a very expensive one. That’s why it’s time to start planning for the holidays now. Yes, we realize Halloween costumes have barely hit the shelves, but by starting your holiday preparations in September, you’re less likely to be in debt by January.

Each month until January, we’ll give you a list of ways you can prep now, save later. This month, it’s all about planning so when you start making those purchases you get the best deals and the most value.

Create a Budget

Many of us have no idea how much we spend around the holidays. We just know it’s a lot! The only way to truly be in control of your spending is to set a budget and keep track of what you spend. Factor in gifts, decorations, meals, parties, hostess gifts and all other expenses you may incur. Google Docs has many free templates available to help you easily create a budget.

Make a Gift Log

Unless you know who you’ll be giving gifts to, it’s hard to create an accurate budget. Make a list of all the people you want to buy for, how much you would like to spend, and leave an area where you can jot down gift ideas as they come to you. I keep a holiday notebook that I add to every year. It goes back more than 20 years and is great because at any time I can look at past years and see what I gave and how much I spent. It helps a lot when planning.

Tuck away a portion of each paycheck into a holiday fund. If you’re paid every two weeks, you’ll have about eight pay periods to save up. That way, come December, your whole paycheck won’t disappear in one trip to the mall. How much you set aside will depend on how much you determined you’d need in your budget.

Now is the time to get familiar with your credit card rewards and cash back opportunities. From October to December, Chase Freedom offers 5% cash back at Amazon, Zappos and select department stores. If you are a card holder, it could make sense to plan your holiday gift shopping around that offer. And the last quarter of the year can be a great time to sign up. Many cards have introductory bonuses when you spend a certain amount in the first couple of months, which will be easier to reach with holiday spending.

Sign Up for Newsletters from Your Favorite Retailers

You probably have a good idea where you’ll be shopping this year so make sure you’re signed up for store newsletters and following on social media. This way you will be alerted to all of their holiday promotions.

Take Advantage of End-of-Season Clearance Sales

I know it might sound crazy, but it will feel amazing to buy one holiday gift in September and check it off your list. Plus, it will get you excited about your four-month plan to stay out of holiday debt in January. Take advantage of back to school and summer closeout sales to find a very budget-friendly gift. You might be so blown away by the sales, you’ll want to get more than one gift!

Think Beyond Gifts

You’ll also do a lot of food shopping during the holidays, so be sure to start scanning grocery ads today for non-perishable items like canned goods that you can stock up on today.

Be sure to check back each month as we reveal new tips and tactics to help you prep now and save later.